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Updated: June 1, 2025
'Oh, they'll pay the depositors in full. Don't you fret, said a man who had lost nothing and was anxious to console. 'I'm a shareholder, said the American, and smoked on. The rain continued to fall, and the umbrellas dripped in the racks, and the wet men came and went, circling round the central fact that it was a bad business, till the day, as was most fit, shut down in drizzling darkness.
The market value of them would not afford an alarming estimate of the intensity of the superstition still lingering in this form in the land. The logic of the depositors probably suggests, that the spiritual guardians of the fountain, though amenable to flattery and propitiation by gift, are not really well informed about the market value of worldly chattels, and are easily put off with rubbish.
The bank was perfectly sound, and they could not break it unless they could also break its friends. A few of the struggling depositors dropped out of line, some of the others saying that, as they had waited so long, they guessed they would get their money now.
Each of our 1,400 banks has but a limited circumference for its circulation, and in the course of a very few days the depositors and note holders might demand from such a bank a sufficient amount in specie to compel it to suspend, even although it had coin in its vaults equal to one-third of its immediate liabilities.
Compared with the practice in other countries of entering deposits in pass books and keeping at the central office a ledger account with each depositor, the use of the certificate has resulted in great economy of administration. The depositors thus far number approximately 150,000. They include 40 nationalities, native Americans largely predominating and English and Italians coming next.
I had not been in his employ more than a month when I discovered that he was at the bottom of a plot to loot the treasuries of three of the largest banks. His scheme was diabolical. It would have entailed the loss of the savings of thousands of small depositors. "With this knowledge in my possession, I did not know just what my duty was.
There is yet another reason why the attitude of an issuing house, to a borrowing State, should be paternal or even grand-motherly, as compared with the purely business-like attitude of a banker to a local borrower. If the bank makes a bad debt, it has to make it good to its depositors at the expense of its shareholders.
The farm had been in the hands of William and Sarah Ellen just six months when the Huntersville Savings Bank closed its doors. It was the old story of dishonesty and disaster, and when the smoke of Treasurer Hilton's revolver cleared away there was found to be practically nothing for the depositors. Perhaps on no one did the blow fall with more staggering force than on Jeremiah Whipple.
Private sector creditors and depositors have little leverage over delinquent debtors or banks. When Russia and trigger happy Russian firms defaulted on their obligations in 1998, even the largest lenders, such as the EBRD, were unable to recover their credits and investments.
Experience demonstrates the value of dispensing with the pass-book and introducing in its place a certificate of deposit. The gross income of the postal savings system for the fiscal year ending June 30, 1913, will amount to $700,000 and the interest payable to depositors to $300,000. The cost of supplies, equipment, and salaries is $700,000.
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